Category: International Tax
REMINDER: Different Rules, Requirements, and Deadlines Can Apply for Taxpayers with Foreign Connections
As tax season winds down, individual taxpayers and their accountants usually breathe a large sigh of relief on April 15 (or, this year, April 18): Unless due dates for returns are properly extended, they will generally (and hopefully) be filed by the aforementioned deadline. However, filing becomes more complicated for…
FATCA and the New Frontier in Offshore Reporting Enforcement
* This article originally appeared in the October 2015 issue of Practical Tax Strategies, published by Thomson Reuters. Checkpoint Contents, Federal Library, Federal Editorial Materials, WG&L Journals, Practical Tax Strategies/Taxation for Accountants (WG&L) Practical Tax Strategies, 2015, Volume 95, Number 04, October 2015, Articles, FATCA AND THE NEW FRONTIER IN OFFSHORE REPORTING ENFORCEMENT, Practical Tax Strategies, Oct 2015 FATCA…
ALERT: Form BE-10 Required for Clients with Foreign Rental Real Estate By June 30, 2015
In recent years, tax practitioners who have clients with foreign assets have been inundated with information regarding offshore filing requirements. The vast majority of information publicized focuses on the FBAR filing requirement, with supplementary focus on forms required to be filed with a taxpayer’s Form 1040 (such as Forms 8938…
Offshore Disclosures: How to Choose the Right Program for You
Taxpayers who uncover a retroactive need to file and amend returns in relation to offshore assets (based on failures to file forms such as FBARs and Form 8938, and failures to include income from foreign assets on Form 1040) are inundated with options regarding remedying their prior omissions. Individuals who…
FBAR Filing: When is it Required?
One common refrain from taxpayers who hold foreign accounts and learn of the need to file an FBAR (FinCEN Report 114) years after the account was opened is that they never knew the FBAR existed. Their initial knowledge can come from many sources: a newspaper report, an online article, an offhand question…